Ludwig Downgrade Drops Goodyear Shares

(Akron/Tire Review) Goodyear Tire & Rubber Co. share prices dropped to a new 52-week low May 22 after an industry analyst downgraded the company’s stock. Goodyear’s stock fell as low as $12.22 per share in trading Monday before finishing the day at $12.71, down from the previous low of $12.78 per share, according to exchange reports.

Goodyear’s stock price dropped after Saul Ludwig, an analyst with KeyBank Capital Markets in Cleveland, questioned the tyre maker’s ability to weather “all the headwinds now blowing” – high gasoline prices, heavy tyre importation and raw material price increases. Ludwig dropped his take on the company from “Buy” to “Hold.”